Verdane buys Mustad and Sunkost from Ard Group

The deal saw existing investor Ard, a Norwegian family office, retain a minority stake.

The GP purchased its stakes through Verdane Capital IX, its latest vehicle, which closed in July 2016 on its SEK 3bn hard-cap.

Company
Founded in 1877 and headquartered in Gjøvik, Mustad produces fishing hooks for recreational and commercial use. According to a statement, the business produces 1.5 billion hooks per year and employs 460 people. In 2016, the company generated NOK 312m in revenues, the company said.

Based in Oslo, Sunkost is a food retail chain that manages 122 stores across Norway and has 500 employees. According to a source close to the situation, the company posted NOK 235m in revenues and NOK 8.5m EBITDA in 2016.

People
Verdane Captial – Arne Handeland (partner).
O Mustad & Sons – John Are Lindstad (CEO).
Ard Group – Børre Nordheim-Larsen (CEO).

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• Verdane Capital Partners